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All Forum Posts by: Mike Davis

Mike Davis has started 1 posts and replied 143 times.

Post: How do you avoid using your home address for an LLC?

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Henry Lewis I use ipostal1 and it is a very reasonable cost.

Post: Advice on property improvements

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Sophie Goldman from my current experience with gas/oil prices, I just got an oil bill for over $950 (over a 3-month period) and I live alone. So that is something to consider, when you have tenants...this was a definite sticker shock to me.

Post: costs before inspection

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Kosh Vokter if you are getting a licensed contractor that is licensed / bonded, I don't see an issue doing that.

Post: Looking for Partners

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Brittany Trevino when you look for a partner, try and find someone that has several homes under their belt. This will help on the down payment and get you a better interest rate as well. Good Luck!

Post: Need Advice for Handling Tricky Tenant Situation!!!

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Jessica Mead both tenants knew no cats, you stated they were a headache sometimes. You have options to get both out since they broke your lease agreement with the cat and you can possibly get better tenants.

If you go that route, offer cash for keys to get them out fast.

Of course, I don't know the area or market, just another way to look at the scenario. Good Luck!

Post: Looking for some financing advice

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Jonathan Carpenter if she will be living on one side of the duplex, she can get it using an FHA loan possibly with 3% down.

Post: Expenses and Income software

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Tucker Kincaid Wave Apps has a great free version to use for accounting and invoicing.

Post: BRRRR Remote Team Building in Fort Wayne, IN

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Jarrett Chouinard for building a team, I would start by getting the financing in order. Using hard money and this being your first rodeo, you will be required to bring more money to the table and the rates will not be as favorable as if you had experience.

If you can find a partner that has some experience, this will help you with the rate and the amount of money to put down.

Post: Rental listing - what to avoid

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Ryan Bird unfortunately @Nathan Gesner is right, it is crazy to me that we have to worry that much about things so simple.

It would not hurt to use generic terms as in "walking distance to shopping and restaurants" for an example.

Post: What's Wrong With This Picture?

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@James Free this may be too late in that instance. In my investment properties, when I think I have problem tenants, I have always used "cash for keys", this has worked every time. I get them out of the property, they did a light surface cleaning and there is only normal wear and tear (in most cases).

For those that are new, "cash for keys" is when you offer a tenant a certain dollar amount to be out of a property by a certain date and they must leave the property in broom swept condition.